CVC Capital Partners has found itself in legal hot water with its only new investment in the CEE region – the deal with Anheuser-Busch InBev and StarBev. CVC’s sale of StarBev to Molson Coors in April 2012 has triggered AB InBev to claim earn-out money. However, CVC claims that during the holding period, it invested “heavily” in brand development, marketing and… Continue Reading
CBRE announces senior hire to support Asian capital seeking global investment
CBRE has further boosted its Global Capital Markets group with a key appointment to provide specialised support to Asian capital sources seeking cross-border investment opportunities. Marc Giuffrida will join CBRE as Executive Director and will be based in Singapore from 13 May. Marc will build and lead a team across Asia to further strengthen CBRE’s… Continue Reading
Russia’s Alfa-Bank accused of “corporate raiding” plot in Ukraine
By Andrei Skvarsky. Russia’s Alfa-Bank has been accused by Crimean Vodka Company (CVC) of a “corporate raiding” plot to take hold of the liquor firm, one of Ukraine’s largest producers of spirits. {{{?}}} CVC’s British owner, Neil Smith (pictured), says Alfa-Bank subsidiaries Empire and Eutilia have been fighting for control of the spirits company since… Continue Reading
EBRD boosts renewable energy sector portfolio in Ukraine
The EBRD continues promoting and supporting renewable energy projects in Ukraine aimed at reducing the environmental impact of traditional power generation. Renewable energy is yet to establish itself as a major contributor to Ukraine’s energy security but it is starting to play a greater role in its sustainable energy supply. The latest renewable energy project… Continue Reading
Sberbank lending $239.5m for de luxe real estate project
By Andrei Skvarsky. Sberbank, Russia’s largest bank, has signed a deal with a developer to open a 7.5bn-ruble ($239.5m) five-year credit line for building a de luxe residential compound in Moscow. The loan was arranged for Moscow-based development company Restavracia N by Sberbank CIB, the lender’s investment arm. A total of more than 14bn rubles… Continue Reading
4D Global Energy Advisors invest $17M in Aladdin Middle East
As part of a funding round of USD20 mln initiated by Turkey-focused oil and natural gas company Aladdin Middle East (AME), 4D Global Energy Advisors have invested USD17 mln through its Fund III. The remainder of the funding was provided by the founders of AME, who continue to be majority stakeholders in the company. The funding will primarily be used… Continue Reading
VTB Capital acquires stake in largest satellite TV operator in Russia
VTB Capital has acquired a minority stake – pegged at 25 per-cent plus one share – in Tricolor TV, Russia’s biggest satellite television operator. The investment amount is deduced to be in the range of between USD125 and USD175 mln, valuing the operator as as much as USD700 mln. The valuation is considerably lower than last… Continue Reading
Cyprus bailout defended by high-profile French economist Wyplosz
By Andrei Skvarsky. Prominent French economist Charles Wyplosz, at an event hosted by Russia’s biggest lender Sberbank, defended the controversial EU/IMF bailout plan for Cyprus. It’s banks that are to blame for the crisis, and so it’s fair that those who keep money in them should share the burden of it, Professor Wyplosz told The Russia Forum, a… Continue Reading
Sberbank makes two hires for investment strategy roles
By Andrei Skvarsky. Sberbank has made two top hires for its investment arm Sberbank CIB, with Kingsmill Bond appointed as chief strategist and Andrey Kuznetsov as strategist, both joining from Citibank. Both will be based in Moscow and report to Andy Smith, head of equity research at Sberbank CIB, according to a statement from Sberbank.… Continue Reading
Rusnano to invest in next gen microprocessors
Rusnano, Russia’s largest nanotech company 100% owned by the state, announced last week that its board of directors has approved the funding of a project aimed at developing and commercializing next gen high-capacity energy-efficient microprocessors based on advanced nanotechnology (max. 28 nanometer design rule). Rusnano didn’t disclose the name of the company to further the project; nor… Continue Reading
EAST CAPITAL COMMENT: In Eastern Europe, politics not economics impact risk
By Marcus Svedberg, Chief Economist The global economy is recovering and the risks have decreased, but it remains a fragile recovery – especially in Europe. In Eastern Europe, policies rather than economics exacerbate the swings in global risk appetite. Going forward, I believe the market will continue to focus more on corporate news and major macro… Continue Reading
Financing Sustainable Energy Investment for Bulgarian Business
Raiffeisenbank (Bulgaria) EAD and the European Bank for Reconstruction and Development (EBRD) have signed a second line of credit under the Bulgarian Programme for Energy Efficiency and Renewable Energy (BEERECL). This will allow Raiffeisenbank (Bulgaria) to expand financing for sustainable energy investment by private companies in Bulgaria. The EBRD loan of €7.5 million will be… Continue Reading
CapMan Russia Closes First €97M on Fund II, EBRD Commits Additional €20
CapMan Russia made a first close worth EUR97 mln on its newly established CapMan Fund II late March. Nearly 3 per cent of that investment has been made in-house – by the investment team at CapMan Russia and by CapMan Plc – while the remaining has come from 10 other new and existing Limited Partners. The fund will… Continue Reading
8th Annual Middle East Retail Banking Forum Opens In Dubai, UAE
Dedicated three-day event puts spotlight on the future of Middle East retail banking, while examining its growth opportunities and current obstacles Dubai, UAE, 15 April 2013: The 8th Annual Middle East Retail Banking Forum has officially commenced today, as more than 200 delegates gather to learn the latest technologies and issues surrounding the region’s retail… Continue Reading
Wermuth Asset Management significantly outperforms Russian market
Wermuth Asset Management, a Russia-focused German family office, has announced that its quant funds have significantly outperformed a peer group of 50 in the Russian market over the past five years, and have continued to do so in 2013. Wermuth Leveraged Quant Eastern Europe Strategy Fund (WEELS+) has been the best-performing fund with returns of… Continue Reading
Microsoft, Sony to consider funding Russian high-tech startups
By Andrei Skvarsky. Microsoft and Sony are among companies which will examine bids from Russian startup companies looking for investment as part of an innovative technology promotion project by Geneva-based nonprofit organisation Tech Tour. There are also major Russian high-tech promoters on the list of potential investors approved by the organisers of the Third Russian… Continue Reading
AVentures Capital invests in network software developer nuPSYS
AVentures Capital has acquired a minority equity stake in nuPSYS, the world’s leading visual network software developer. AVentures Capital and nuPSYS, Inc, didn’t disclose the financial details of the Series A deal to the public. AVentures was the lead investor in the round, whereas nuPSYS is in talks with international investors to increase the size… Continue Reading
iTech Capital invested in Garpun
Russian ad tech startup Garpun which developed a box solution to provide digital agencies and corporate advertisers with a full set of tools for professional online ad management, has raised $3,5 million in its first round of funding. The round was led by Moscow-based iTech Capital PE & VC fund. The funds will be used… Continue Reading
GOLDMAN SACHS COMMENT: A Few Days in Africa
By Jim O’Neill, Chairman, Goldman Sachs Asset Management. I spent three days in Africa this week, or to be precise, Cape Town and briefly {{{*}}} Johannesburg in South Africa, as well as Lagos and Abuja in Nigeria. I attach the charts from my presentation about Africa’s potential, its challenges, and its current and future position… Continue Reading
Elbrus Capital buys into Russian B2B-Center
Russian Private Equity firm Elbrus Capital, that manages two funds with total assets of over US$ 600 million, has acquired a significant minority stake of 23 per cent in B2B-Center, the largest operator of an online procurement marketplace in Russia. The procurement platform will use the funds to expand its operations and fortify its current market position. B2B-Center… Continue Reading
Sberbank taking over Citi’s retail business in Turkey
By Andrei Skvarsky. DenizBank, a Turkish operation of Russia’s biggest lender Sberbank, has clinched a deal to buy Citibank’s retail business in Turkey. DenizBank is taking over a network which, as of December 31, had gross assets and deposits that totalled 1.2bn Turkish lira (more than $650m) and 1.5bn lira (over $800m) respectively, more than… Continue Reading
Russia’s Renaissance Capital hires head of EMEA strategy
By Andrei Skvarsky. Renaissance Capital has handed the role of chief strategist for Europe, the Middle East and Africa (EMEA) to Daniel Salter, whom the Moscow-based emerging markets investment bank hired from UniCredit. Salter, whose 15-year investment banking career has comprised a series of jobs in London and Moscow, was head of EMEA equity strategy… Continue Reading
Sberbank says consumer confidence in Russia dwindling
By Andrei Skvarsky. Sberbank CIB, the investment arm of Russia’s biggest lender Sberbank, says consumer confidence in Russia has slipped down since January. According to the second Sberbank CIB Ivanov Consumer Confidence Tracker bi-monthly survey, the base index of consumer confidence remains negative, dropping further down to -8% in March from -4% in January. “There… Continue Reading
Swiss bank Lombard Odier: Russian investors to keep clear of Cyprus
By Andrei Skvarsky. Lombard Odier, a Swiss asset management firm, praises the European Union/International Monetary Fund bailout scheme for Cyprus for making bank bondholders “share the pain” of the crisis but warns it will deprive Cypriot banks of a major source of funding and discourage Russians from investing in the country. {{{*}}} “Unprecedented and welcome is the… Continue Reading
Sberbank buying 12 Boeing 737 jets for leasing
Sberbank, Russia’s biggest lender, has signed a $1b deal to buy 12 Next-Generation 737-800 airliners from Boeing to be supplied to Russian airline Transaero under Russia’s first-ever agreement on the operational leasing of imported aircraft. Sberbank will provide its operational leasing customers with “modern, world-class finance solutions”, the bank and the U.S. aircraft industry giant… Continue Reading
Sberbank CIB’s merchant banking team welcomes two senior newcomers
By Andrei Skvarsky. Sberbank, Russia’s biggest lender, has reported two senior hires for the merchant banking team of Sberbank CIB, its investment arm. Jonathan Gillbanks joined from Kazakhstan investment group Visor Holding as managing director responsible for structuring and marketing funds for attracting external investment and focusing specifically on technology, media and telecom projects, according… Continue Reading
Moscow refuses to refund Russians for money lost in Cyprus
The Russian government will not compensate Russian savers who have lost money in the Cyprus banking crisis but is likely to consider helping companies where the Russian state is a shareholder, the BBC cited Russian First Deputy Prime Minister Igor Shuvalov as saying. A good chunk of the foreign money kept in Cypriot banks is… Continue Reading
J.P. Morgan, Credit Suisse named as IPO bookrunners for Russia’s Qiwi
Qiwi, the operator of one of Russia’s largest networks of electronic payment terminals, is considering an initial public offering of shares on NASDAQ in mid-2013 and has named J.P. Morgan and Credit Suisse as the bookrunners, according to investment intelligence website Invest IQ. Qiwi, which has not disclosed its share pricing plans, would offer up… Continue Reading
GOLDMAN SACHS COMMENT: Is There Method in the Madness?
By Jim O’Neill, Chairman, Goldman Sachs Asset Management (this week’s ‘Viewpoints’). My last week was especially exhausting as there was so much going on and I had to organise so many things. And I wasn’t even travelling! Just trying to keep up with the huge array of things going on everywhere was tough enough, never… Continue Reading